Bitcoin Exchange Reserves Drop to Lowest Point in 3 Years – Bitcoin News

As crypto enthusiasts are removing funds from trading platforms to hold bitcoin for the long-term, their number has been declining. The centralized crypto exchanges hold 2.32million bitcoin, worth more than $90 billion at the time this article was written.

Bitcoin continues to be drawn from centralized exchanges since last year.

Bitcoin is being pulled off exchanges in greater numbers these days, as the metric shows the amount — 2.32 million bitcoin (BTC) held today — hasn’t been this low in over three years. Three years ago, March saw a much larger amount of bitcoin stored on different trading platforms, at 2.73 million. Moreover, the day after the infamous ‘Black Thursday’ on March 11, 2020, exchanges held just over three million BTC, according to cryptoquant.com’s metrics.

Over the last week, cryptocurrency asset prices were lower. In August 2021, exchange balance metrics began to decline. Bituniverse stats show that Coinbase has 853,530 BTC and is currently the largest bitcoin balance holder. Bituniverse utilizes data from peckshield.com and chain.info. Transparent Balance Rank measures ethereum balances (ETH) as well as tether (USDT).

Below Coinbase’s balance, Binance holds $18.94 billion in crypto assets. Binance currently holds 340,000 BTC, and 3.59million ETH. Binance also holds 1.24 Billion of stablecoin crypto-asset token tether. Below the $44.5 billion held by Coinbase and the stashes held by Binance, is Huobi Global’s coffers with $16.12 billion in crypto reserves. According to Huobi wallets, the exchange is home to more than 160,000 Bitcoin and 2.13 Million ethereum.

The exit of crypto funds from exchanges can be seen as a positive sign in the crypto world for two reasons. The trend indicates that bitcoin owners don’t want to sell at the moment. The result is that whales have less liquidity and there are not as many funds available to buy. In the cryptocurrency world, it is the golden rule to own your keys. Users may be taking this advice more seriously.

How do you feel about bitcoin exchange balances and the fact that they have fallen to their lowest level in 3 years? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 5,000 articles on disruptive protocols.